By clicking “Allow all cookies”, you agree to the storing of cookies on your device to enhance site navigation, and increase your user experience. Essential Cookies cannot be disabled, however you can opt-out of your data being stored. Click here to read our Cookie policy.

News

The Money Statistics April 2017

33 years It would take for someone on an average salary, saving the average amount, to save a normal first-time buyer deposit.

£28,552 The average deposit on a house for a first time buyer

7.5 million People have been auto-enrolled into a pension

2.3% The rate of inflation in February

2.7% The rise in rents in the year to February 2017

3.3% The rate of saving in the last quarter of 2016, the lowest rate since the 60s

£504.81 The increase in consumer credit per household in the year to January 2017

70p The interest someone on the average salary would receive if they saved 3.3% of their income in an average savings account for a year

3.78% The proportion of income the average household is spending on debt interest

UK Personal Debt

People in the UK owed £1.524 trillionat the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra £964.450 per UK adult.

The average total debt per household – including mortgages – was £56,460in February. The revised figure for January was £56,236.

Per adult in the UK that’s an average debt of£30,185 in February – around 114.2% of average earnings. This is slightly up from a revised £30,080 a month earlier.

Based on February 2017 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£50.440 billion.

That’s an average of £138 millionper day.

This means that households in the UK would have paid an average of £1,860 in annual interest repayments. Per person that’s £999 – 3.78% of average earnings.

According to the Office for Budget Responsibility’s March 2017 forecast, household debt is predicted to reach £2.322 trillion in Q1 2022. This makes the average household debt £86,001 (assuming that the number of households in the UK remained the same between now and then).

Outstanding consumer credit lending was £196 billion at the end of February 2017.

This is up from £181 billion at the end of February 2016, and is an increase of £289.79 for every adult in the UK.

Per household, that’s an average consumer credit debt of £7,259in February, up from a revised £7,197 in January – and £504.81 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,881per UK adult. This is up from a revised £3,848 in January.

Total credit card debt in February 2017 was £67.3bn. Per household this is £2,493 – for a credit card bearing the average interest, it would take 25 years and 11 months to repay if you made only the minimum repayment each month.

The minimum repayment in the first month would be £60 but reduces each month. If you paid £60 every month, the debt would be cleared in around 5 years and 4 months.

Total net lending to individuals by UK banks and building societiesrose by £4.9 billion in February 2017 – or £175m a day.